Bank of America Corp DE Buys New Shares in Caris Life Sciences, Inc. $CAI

Key Points

• Bank of America acquired 1.2 million Caris Life Sciences shares worth approximately $21.4 million during the second quarter, representing about 0.42% of the company.
• Caris shares opened at $31.65, near their 12-month high of $33.65, while the company’s board authorized a $100 million stock buyback covering up to 2.1% of outstanding shares.
• Insiders sold more than 1 million shares worth $27.2 million over the past quarter, and analysts have a consensus “Hold” rating with an average price target of $26.50—below the current share price.

Bank of America Corp DE bought a new position in shares of Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,200,590 shares of the company's stock, valued at approximately $21,395,000. Bank of America Corp DE owned approximately 0.42% of Caris Life Sciences as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. PNC Financial Services Group Inc. grew its stake in shares of Caris Life Sciences by 839.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,644 shares of the company's stock valued at $29,000 after buying an additional 1,469 shares during the period. Fifth Third Bancorp acquired a new position in shares of Caris Life Sciences during the first quarter valued at about $31,000. Sterling Capital Management LLC grew its holdings in shares of Caris Life Sciences by 128.3% during the first quarter. Sterling Capital Management LLC now owns 1,927 shares of the company's stock valued at $34,000 after buying an additional 1,083 shares during the last quarter. Trifecta Capital Advisors LLC bought a new stake in shares of Caris Life Sciences during the second quarter worth about $37,000. Finally, Strs Ohio raised its holdings in shares of Caris Life Sciences by 301.3% in the 1st quarter. Strs Ohio now owns 2,179 shares of the company's stock worth $39,000 after acquiring an additional 1,636 shares during the last quarter.

Caris Life Sciences Price Performance

Shares of NASDAQ CAI opened at $31.65 on Thursday. The company has a market capitalization of $8.94 billion, a PE ratio of 87.92 and a beta of 1.10. The company has a quick ratio of 4.88, a current ratio of 5.53 and a debt-to-equity ratio of 0.66. The stock's 50 day moving average price is $22.56 and its 200-day moving average price is $19.57. Caris Life Sciences, Inc. has a twelve month low of $14.19 and a twelve month high of $33.65.

Caris Life Sciences announced that its Board of Directors has initiated a stock buyback program on Monday, June 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Caris Life Sciences news, insider John Russel Denton sold 7,500 shares of the business's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $31.82, for a total value of $238,650.00. Following the transaction, the insider owned 174,855 shares of the company's stock, valued at approximately $5,563,886.10. The trade was a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Brian Brille sold 400,000 shares of the firm's stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $30.33, for a total value of $12,132,000.00. Following the sale, the insider directly owned 230,303 shares of the company's stock, valued at approximately $6,985,089.99. This represents a 63.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,004,712 shares of company stock valued at $27,205,419. Insiders own 50.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CAI. UBS Group assumed coverage on shares of Caris Life Sciences in a research report on Wednesday, September 9th. They issued a "neutral" rating and a $28.00 price target on the stock. Evercore reissued an "outperform" rating and issued a $26.00 price objective on shares of Caris Life Sciences in a research note on Thursday, August 6th. Wall Street Zen upgraded Caris Life Sciences from a "sell" rating to a "hold" rating in a report on Sunday, August 16th. Wolfe Research downgraded Caris Life Sciences from an "outperform" rating to a "peer perform" rating in a report on Monday, June 1st. Finally, BTIG Research increased their price target on Caris Life Sciences from $32.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Caris Life Sciences has a consensus rating of "Hold" and an average price target of $26.50.

Caris Life Sciences Company Profile

Caris Life Sciences is a precision medicine and biotechnology company headquartered in Irving, Texas. Founded in 2008, the company combines molecular profiling, artificial intelligence and clinical data to support more informed decisions in cancer diagnosis and treatment.

Caris provides comprehensive tumor profiling and other laboratory testing services designed to identify genetic, molecular and immune characteristics of a patient's cancer. Its offerings are intended to help physicians match patients with targeted therapies, immunotherapies and clinical trials, while also supporting cancer research and drug development.

The company serves healthcare providers, biopharmaceutical companies and academic or research institutions.

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